Olympiacos dominated in the front third with goals inside the first half hour from David Fuster, Ioannis Fetfaztidis and an own-goal from Petar Franjic, before Archie Thompson converted from the spot.
With the second period slowed down for numerous substitutes there wasn’t much action, until one minute from time as Fuster scored his brace.
Melbourne Victory started well and looked like a complete different side under Ange Postecoglou, but soon after Olympiacos started to dominate the possession in which the hosts defended like sixes and sevens.
The Greeks then deservedly took the lead through Fuster on 9 minutes, after a brilliant chip from Ioannis Fetfaztidis, before the Spaniard slotted home, after rounding Lawrence Thomas.
Victory controlled possession for periods of the first-half but it was the visitors who were a class above the Victorians in the front third, as the Greeks scored twice inside two minutes.
Belgian international Kevin Mirallas made a brilliant run down the left, before picking out Fetfaztidis who headed past Thomas on 23 minutes.
Two minutes later Franjic poked the ball into his own next after another fantastic run, this time from Algerian Rafik Djebbour.
But Victory was given a chance to come back into the game as Thompson was clipped inside the box by Chose Cholevas.
The Socceroo stepped up and calmly converted, 3-1 with just half an hour played.
The Greek Champions made six changes at half-time to give their Greek Internationals a break with the European Championships starting in June.
Meanwhile Victory brought Sam Gallagher on for his Victory debut and African born Julius Davies.
But the Greeks were still threatening the Victory goal with efforts from all angles as the large Olympiacos contingent cheered their side on.
Mirallas and Djebbour, the latter who was substituted, were the main threats but Thomas did well to thwart the Greek attack.
The waves of substitutions forced the game to slow down and the exhibition game became exactly that, an exhibition.
Postecoglou gave youngsters, Nick Ansell, James Riccobene, Dado Lokvancic and Paulo Retre all game time and experience, but they couldn’t make any difference.
With only a minute to go, the Greek Champions made it 4-1 as Fuster chipped Thomas, after a mistake by the Victory defence. Ansell on the line tried to head clear, but the Assistant ruled that the ball did cross the line.
2. Matthew Foschini, 3. Adama Traore (5. James Riccobene 81’), 4. Petar Franjic (26. Nick Ansell 76’), 6. Leigh Broxham (27. Paulo Retre 76’), 7. Matthew Kemp (15. Sam Gallagher 53’), 10. Archie Thompson, 11. Marco Rojas, 13. Diogo Ferreira (29. Julius Davies 53’), 17. Jimmy Jeggo, 18. Daniel Allsopp (8. Dado Lokvancic 76’), 20. Lawrence Thomas (GK)
Unused Substitutes: 21. Rani Dowisha (GK), 25. Luke O’Dea
Goal: Thompson (29’ (pen))
Yellow Card: Foschini (32’)
2. Ioannis Maniatis (31. Pablo Orbaiz 46’), 4. Olof Mellberg, 8. Ljubomir Fejsa, 10. Rafik Djebbour (87. Diogo Santo 61’), 14. Kevin Mirallas, 18. Ioannis Fetfaztidis (93. Djamal Abdoun 46’), 19. David Fuster, 20. Chose Cholevas (92. Ioannis Potouridis 46’), 21. Avraam Papadopoulos (3. Francois Modesto 46’), 35. Vasilis Torosidis (77. Jean Makoun 46’), 42. Balazs Megyeri (GK) (1. Roy Carroll (GK) 46’ (99. Iosif Daskalakis 78’))
Goals: Fuster (9’, 89’), Fetfaztidis (23’), Franjic (OG) (25’)
Crowd @ Etihad Stadium: 16, 879